Bank of England deputy governor warns over risk of Brexit delay

Bank of England deputy governor Ben Broadbent has warned over the damaging impact of further Brexit delays as Britain faces the longest run of falling business investment since the Second World War.

Speaking to the Press Association, Broadbent said pushing back the Brexit deadline has left firms in limbo over investment decisions and major projects.

He said business investment has already been "feeling the consequences" and cautioned that delaying Brexit further means prolonging the uncertainty for hamstrung companies and risks hitting the wider economy.

The deputy governor for monetary policy, who sits on the central bank's interest-rate setting committee, also sought to assure borrowers that any interest rate hikes would be "gradual" after Governor Mark Carney said last week that increases would need to be "more frequent" than financial markets expect. ■